Quote:
Originally Posted by Buehler445
Looking at a weekly chart, a correction on the weekly is very much due.
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Weekly of the SPY closed right at the first Fibonacci retracement (25%). It broke through it but came back and closed at it. The low today, yikes, is probably or at least hopefully an intermediate bottom. I suspect we will see some consolidation over the next couple of weeks. Given the current economic environment I wouldn't expect too much more selling. The economy is strong and one article today tried to say "too strong" in which I call bullshit. We are coming out of the slowest economic recovery in our history. Things that are happening now should have been happening for years.
The one risk is that the Federal Reserve should have started raising rates a long, long time ago so now they may have to play catch up.
That being said, people freaking out over 3% rates on the 10 year bond are idiots.